- Page 1/3
- Next Page
COMMENT
Positioning, when bear/bull calls are split 50/50. Expect more market volatility, as seen in the last few months. 87% invested in two dozen tech vendors and end users, coupled with a 61% short equity indices overlay (hedge) on the invested stock portfolio. The hedge protects the portfolio if the stock market were to deteriorate. He has laddered NASDAQ put options. That hedge will incrementally grow as the delta on those put options starts to grow.
COMMENT
Upside missed with hedges in place? It's like an insurance policy, which has a premium attached to it. The beta in the stock market is greater than the beta on the hedge. As the market continues to melt up, he makes money, though perhaps not as much as the NASDAQ. Their benchmark, chosen by the OSC, is 50/50 NASDAQ/Russell, so it gets both sides of the cyclical/growth play. He doesn't make as much, but he's certainly protected on the downside. If the downside is more than 5-10%, the hedge makes money for his fund.
COMMENT
Tech sub-sectors. Bullish calls: he's overweight on semiconductor foundries, designers, integrated manufacturers both on memory and analog. Also overweight on the cloud stacks from AMZN to MSFT and GOOG, and the platform players that use the various infrastructures, plus SaaS. He's underweight on the gaming side and perhaps neutral on social media.
BUY ON WEAKNESS
Price target of $385.25. 99% of revenues are from advertising. CEO has referred to the metaverse, a virtual environment, but it will take a while to get there. Attractively priced, growing at 25%. Future eyes will be on its user growth. If you can pick it up between $275-325, you'll do very, very well.
Technology
BUY ON WEAKNESS
PARTIAL SELL
One of the greatest secular growth stories. Cloud business should see continued secular strength. Acquisition of ARM puts it in an enviable position. Could be a game-changer. ARM's valuation is reasonable and would be immediately accretive. He's trimmed. Price target of $215-220.
computer software
processing
BUY
GOOG vs. GOOGL He'd recommend buying GOOGL. The other one, GOOG, is the voting share one. GOOGL has more liquidity. It's in his top 5 holdings. Very impressive performance on the topline, as well as the free cashflow line. Has one of the longest runways. Price target of $3150. 75% of revenue comes from ads, but they have a number of horses in the race. One of his favourites.
Technology
